Section 44 AD - Tax Audit

This discussion clarifies the applicability of Section 44AD (Presumptive Scheme) for businesses with turnover under £1 crore but income exceeding 6% of digital transactions. It addresses whether ITR-3 is an option or if ITR-4S is mandatory. Furthermore, it explores the requirements for maintaining books of accounts and conducting tax audits if the presumptive scheme isn't opted for and lower income is declared, even for businesses with turnovers between £15-20 lakhs. The rules for new businesses and stock market trading are also briefly touched upon.